Business

CSE and SEC initiates effort to restore confidence among foreign investorsĀ 

22 May 2019 - 114   - 0

The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC), in a bold step to reassure foreign investors, recently organized an Invest Sri Lanka Forum targeting portfolio and direct investors in Singapore. 

“The forum drew an encouraging response from investors, who were offered an assessment of the investment climate and expectations for the short-medium term, considering the context of the Easter Sunday attacks that took place on April 21,” the CSE said in a media release.

Investors also attended a number of one-to-one and group meetings with Sri Lankan listed companies that travelled to Singapore for the Invest Sri Lanka Initiative, which included Chairmen, Chief Executives and Senior Management representatives of John Keells Holdings PLC, Commercial Bank of Ceylon PLC, Dialog Axiata PLC, Hemas Holdings PLC, Sampath Bank PLC, Peoples leasing and Finance PLC, National Development Bank PLC, Softlogic Holdings PLC, Softlogic life Insurance PLC and Sunshine Holdings PLC. 

State Minister of Finance Eran Wickramaratne, Central Bank Governor Dr. Indrajit Coomaraswamy, SEC Chairman Ranel T. Wijesinha, CSE Chairman Ray Abeywardena, and the Managing Director at LYNEAR Wealth Management Dr. Naveen Gunawardane spoke at the event while CSE CEO Rajeeva Bandaranaike and SEC Director General Vajira Wijegunawardane joined in as panelists during the discussion segment.

The State Minister of Finance speaking at the event acknowledged that the events on April 21 were a setback, but noted that all possible steps to ensure national security have been implemented during the past month, including apprehending elements that were responsible for the attacks. 
He also said that Sri Lanka has witnessed overwhelming support internationally from foreign governments, institutions and the international community at-large, who have expressed solidarity with Sri Lanka during recovery and response efforts. 

The Central Bank Governor said that the fact that the robust macro-economic fundamentals which were evident before the crisis have remained intact post the tragic events offers reason to be optimistic on the ability of the economy to recuperate in the short-term. 
He said while there will be a hit on growth, particularly due to the effects on the tourism sector and its supply chains, a large majority of the economy has remained completely untouched and unaffected by the events. “If you look at the economy, it is very much intact. So the capacity to bounce back is clear, if we can restore stability – and we have gone a long way towards doing that. If you take a medium-term view of Sri Lanka, the potential is enormous. We will get through these disturbances, as tragic as they were, and bounce back,” the Governor added. 

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